Feds Collect Record Individual Income Taxes Through May

Despite the record individual income tax collections, the federal government still ran a deficit of $532,241,000,000 over those same eight months, according to the Treasury statement. The approximately $1,143,141,000,000 in individual income taxes that the Treasury collected in October through May of this fiscal year was $56,273,800,000 more (in constant May 2018 dollars) than the $1,086,867,200,000 (in constant May 2018 dollars) in individual income taxes that the Treasury collected in October through May of fiscal 2016—which was the previous record. In fiscal 2017, individual income tax collections dipped to $1,078,064,960,000 (in constant May 2018 dollars) in the first eight months of the fiscal year. Although the federal government collected record individual income taxes in the first eight months of this year, overall federal tax collections were down from the first eight months of fiscal 2015, 2016 and 2017. In the first eight months of fiscal 2016, the Treasury collected a record $2,240,406,590,000 in total taxes (in constant May 2018 dollars). The $2,224,526,000,000 in total tax collected in the first eight months of this fiscal year is $15,880,590,000 less than that. (Read more)

---